Company Reports

Superloop delivered a 33% lift in fiscal 2026 underlying EBITDA to AUD 123 million, just above the top end of the guidance range and meeting our expectations. Revenue grew 22% to AUD 664 million, with EBITDA margins reaching 18.5%, from 16.9% a year ago. No dividends were declared, as expected.

Superloop operates within the highly competitive Australian telecom industry, which has been dominated by large incumbents such as Telstra, Optus, and TPG Telecom (which also owns Vodafone Australia). The creation of the National Broadband Network has transformed the fixed-line broadband landscape by bringing down entry barriers for a wave of new entrants, including Superloop.

Superloop operates within the highly competitive Australian telecom industry, which has been dominated by large incumbents such as Telstra, Optus, and TPG Telecom (which also owns Vodafone Australia). The creation of the National Broadband Network has transformed the fixed-line broadband landscape by bringing down entry barriers for a wave of new entrants, including Superloop.

Superloop lifted its fiscal 2026 underlying EBITDA guidance by 3% to AUD 118 million-AUD 122 million, and unveiled Supercharge29, a strategy aimed at reaching AUD 1 billion-plus in revenue, AUD 200 million for EBITDA and a 30% EPS compound annual growth rate by fiscal 2029, from fiscal 2026.

Shares in Superloop have risen 35% since the release of the fiscal 2026 interim results on Feb.18, 2026. They have easily exceeded the dividend-adjusted 7% average return of Australia and New Zealand telecom peers during the period, while the S&P/ASX 200 index has fallen 5%.

Superloop operates within the highly competitive Australian telecom industry, which has been dominated by large incumbents such as Telstra, Optus, and TPG Telecom (which also owns Vodafone Australia). The creation of the National Broadband Network has transformed the fixed-line broadband landscape by bringing down entry barriers for a wave of new entrants, including Superloop.

Superloop operates within the highly competitive Australian telecom industry, which has been dominated by large incumbents such as Telstra, Optus, and TPG Telecom (which also owns Vodafone Australia). The creation of the National Broadband Network has transformed the fixed-line broadband landscape by bringing down entry barriers for a wave of new entrants, including Superloop.

Superloop grew first-half fiscal 2026 underlying EBITDA 46% from a year ago to AUD 56 million. Management also lifted full-year EBITDA guidance by 3% to between AUD 112 million and AUD 120 million and is now set to buy Lightning Broadband for cash.

Superloop shares have fallen 35% from recent highs in early October 2025. The underperformance is stark compared with both the 4% decline in the S&P/ASX 200 over the same period and the corrections in fellow midtier telcos Aussie Broadband (down 14%) and Macquarie Technology (down 11%).

Superloop operates within the highly competitive Australian telecom industry, which has been dominated by large incumbents such as Telstra, Optus, and TPG Telecom (which also owns Vodafone Australia). The creation of the National Broadband Network has transformed the fixed-line broadband landscape by bringing down entry barriers for a wave of new entrants, including Superloop.

We initiate coverage of Superloop, which offers broadband services to households, as a reseller of the government-owned National Broadband Network. It also offers connectivity services to businesses by leveraging some of its own infrastructure and wholesale solutions to other telecoms.

Superloop operates within the highly competitive Australian telecom industry, which has been dominated by large incumbents such as Telstra, Optus, and TPG Telecom (which also owns Vodafone Australia). The creation of the National Broadband Network has transformed the fixed-line broadband landscape by bringing down entry barriers for a wave of new entrants, including Superloop.